Boralex, a Canadian renewable energy company, has signed an exclusivity agreement with private developers to buy around 350MW wind power projects in France.
Upon completion of the acquisition, which is expected to be closed by 2018, Boralex will own 79MW of ready-to-build projects.
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The company will also acquire 159MW of the projects at an advanced stage of development as well as 118MW of projects, which are at initial stages of development.
The acquisition, coupled with Boralex’s other under development projects, will combine its portfolio of development projects in France to around 850MW.
Currently, Boralex operates 500MW power projects in France and the projects, which will be commissioned in the next couple of years, will be included to the company’s current portfolio of projects.
Boralex president and CEO Patrick Lemaire said: "With this transaction, our position as France’s leading independent producer will be strengthened while confirming the French market as the cornerstone of our growth in the coming years."
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By GlobalDataThe company is in discussion with the sellers for signing a purchase agreement. The deal is subject to the negotiation of the agreement and other related customary conditions.
Around €150m will be needed to complete the ready-to-build projects.
Last month, the company has commissioned a 51.7MW wind project in the Bas-Saint-Laurent region in Canada.
The Témiscouata II wind power project in Canada was awarded in 2008 by Government of Quebec owned Hydro-Québec Distribution.
Boralex bought the power supply contract from another sponsor in 2012.
